According to new research, however, that flashy credit card may be a sign of low self-esteem.

If you can’t afford a Porsche or a Jaguar or the latest fashions from Armani or Gucci or Fendi or Prada, then brandishing a platinum credit card in a social setting is another way of showing off a status symbol.

It can serve as an achievable way of improving your social image and building up your self-esteem, according to a new study by economists from the University of Chicago, the Sao Paolo School of Economics, UCLA, the World Bank and Harvard.

Here’s the catch: Financially, you’re better off with an ordinary credit card. A less-flashy card that offers cash back or other discounts.

An Average Joe or Plain Jane credit card might not be a self-esteem boost, but it would serve you better than that super sexy platinum card.

Not So Exclusive Anymore

Historically, gold or platinum cards came with higher credit limits. They were symbols of prestige, signifying that cardholders belonged to an exclusive club of high rollers.

The economists who conducted the recent study on self-esteem and credit card use tried this experiment: They offered people a platinum card that didn’t offer any cash-back rewards.

They found that nearly half of these platinum cardholders used their flashy card in social settings — even though they had another card that would’ve gotten them cash back on their purchase.

“Platinum cardholders … appear willing to pay a cost to show off their platinum cards,” the researchers wrote.

Here’s What to Do Instead

Don’t let all that shiny platinum go to your head. Instead, just get a better credit card.

One way to do this: Sign up with a free service like Credit Sesame, which can help you search for smart credit cards, ones that might better benefit your lifestyle. It also offers tips for reducing your debts and raising your credit score.

Another option: With a cash-back rewards card, you can get paid for every dollar you spend.

Here’s an option we like: It’s the Chase Freedom Unlimited card. Its claim to fame? You’ll earn an unlimited 1.5% cash back on all your purchases. Plus, if you spend $500 in your first three months of opening the card (hi, groceries), you’ll pocket a $150 bonus.

There’s no annual fee, and the cash-back rewards don’t expire. We checked Credible’s annual rewards calculator, and it estimates $417 in annual rewards based on our spending habits.* (You can enter your unique spending habits and see what you’d earn, too.)